Singapore’s exports surged unexpectedly in August, with strong demand for electronics and pharmaceuticals from major economies like the US and Europe suggesting the global recovery remains on track.

But while shipments to the European Union more than doubled from year-earlier levels, the monthly numbers are volatile and don’t signal a strong pickup in developed economies, analysts said.

The city-state’s key non-oil domestic exports jumped 31.2% from a year earlier, accelerating from July’s 18.3% rise and smashing predictions of a growth slowdown to 14.9% forecast by economists in a Dow Jones Newswires poll.

Though surprisingly robust, the export data aren’t expected to prompt Singapore’s central bank to tighten policy when it meets next month.

“Our view is that a double-dip is unlikely but that moderation in the Asian economies will continue, due to the weaker global growth,” said Chow Penn Nee, an economist with United Overseas Bank. The Monetary Authority of Singapore’s stance is “likely to stay the same.”

The MAS aggressively tightened policy at its last meeting, in April, by targeting a stronger Singapore dollar, shifting from aiming to keep the currency steady. Singapore is heavily dependent on exports, and trade flows dwarf the small domestic economy, so the central bank uses the exchange rate rather than interest rates as its main policy tool.

Given the changeable nature of single-month figures, especially pharmaceuticals, “We believe the August uptick in exports is a one-off and not likely to be sustained,” said economist Wai Ho Leong at Barclays Capital.

August exports to the EU soared 117.4% from a year earlier, accelerating from July’s 27.2% growth, with pharmaceuticals rocketing 174%.

Shipments to the US were up 42.7% from a year earlier, after a 30.1% rise in July, while exports to China grew 36%, up from a 34% rise the previous month.

Electronics exports grew 34.9% on year, accelerating from July’s 25.7% gain, while non-electronic shipments rose 29%. Among non-electronics exports, pharmaceuticals rose 64.7% rebounding from a 22.3% drop.

Compared with the previous month, August exports rose 10% in seasonally adjusted terms, reversing a 3.9% fall in July and beating the forecast decline of 1.5%.